The original report in the Financial Times Deutschland said that "major" cuts to save the bank between €1 and €2 billion were being considered.

So far Deutsche Bank hasn't made many job cuts compared to its competitors, like UBS and Credit Suisse for example. So given the current economic situation and low growth expectations in Europe, cuts would seem to make sense.

According to a report in the Financial Times Deutschland (FTD), no plans have been finalized, but bank managers are increasingly concerned over the fragile state of markets. They worry that August's economic gloom could extend far into the future and are considering cost cuts of between €1 and €2 billion, the newspaper reported.

"If revenue from securities and foreign exchange trading decline, there are hardly any IPOs in the pipeline and the economy wobbles, the situation is different," an unnamed source told the paper.

But "major" cuts to save the bank billions are not being considered, say 2 sources who spoke to Bloomberg. The said Deutsche Bank "doesn't plan any new cost-cutting programs." They already have plans in place to save €1 billion that don't include job cuts.